By Michael Hudson, Center for Public Integrity
In June 2000, international groups rolled out blacklists targeting offshore refuges that shelter tax dodging and money laundering. Some observers predicted “the death of tax havens.”
By 2002 the campaign had, as one tax analyst put it, “dissolved into a series of toothless pronouncements.”
In 2009, offshore centers faced new attacks as the United States pursued an investigation of Swiss banks and nations hit by economic crisis sought to boost tax revenues. “Tax havens and bank secrecy are finished,” French President Nicolas Sarkozy declared.